After a very slow market in the fall and winter of 2022, the San Francisco market is showing stronger signs of life as we officially enter the spring selling season. Open houses are busy again, mortgage applications are up, and I've even written offers for clients on properties that turned into frenzied bidding wars. These bidding wars are certainly no longer the norm -- buyers have leverage in most sectors of our market and it remains a great time to negotiate. With mortgage rates coming down & feeling relatively stable around 6%, buyers are gaining comfort with the state of the market.
Before you dive into the stats in the new Compass flipbook at the bottom (it's linked), here's some quick year-over-year figures to help you understand just how dramatic the drop-off was these last 3 months:
Using a 3-month rolling period (meaning each data point uses the past 3 months worth of sales), here are the median sale prices released in January 2023:
Single-family: $1,500,000
Down 16.7% Year-Over-Year. Back to levels in January 2020.
Also Down 16.7% Year-Over-Year. Back to levels in January 2017.
Over-asking sales:
51.4% of Single-family homes are selling over asking, down
from 78.3% this time last year.
23.4% of Condominiums are selling over asking, down from 28.4% this time last year.
The total number of condo sales over this 3 month period was 372: the lowest total since the mortgage crisis in 2009!
If you have any questions about a specific property, market segment, or how I'm viewing 2023 & beyond, please feel free to reach out.